Inherited a old wood frame house

[Brad Armel]

I recently inherited a old wood frame house that is in very bad shape in Daytona Beach. The roof is leaking, foundation is sagging, with very low ceilings, wood is rotting in certain sections, and the roof is flat. I initially thought I could reframe the floor then walls and then roof, but the more I analyze this job, the more confused get. This is my first property and really want to use this property for a rental and acquire more rentals in the future. I also briefly considered tearing it down and putting a modular home in its place, but I want this to be a asset and I'm aware modular homes don't really add any real value, so I'm not sure where to go from here. Any advise would be much appreciated. Thanks.